Empirical Study On Capital Structure Of Small And Medium-sized Enterprises In China

This paper studies on the capital structure problem of small and medium-sized enterprises. The problem of capital structure plays an important role in financial management, which is not only in the theory, but also a fact—Many models and theorems in financial theory are seeking the relation between the capital structure and the maximization of the value of the enterprise, and in practice every enterprise must ponder how to arrange its capital structure. In our country, the small and medium-sized enterprises, many of which are walking up to the mature phase, now have been a very important part in economics. Therefore, the optimize of capital structure is especially significant for small and medium-sized enterprises. This paper is divided into 5 part, and the contents of each part are the following:Part one explained the background and research meaning of this research, and logic structure of the full text.Part two is the theoretical foundation of this paper. In this part, the author discusses the development of capital structure and surveys the main result of capital structure theory by stage at first, according to the three stage of the development of capital structure theory divided by Ritter and Neoclassic andClassical capital structure theory divided by Yifeng Shen. And surveys the recent positive research of Chinese scholars about influencing factors of capital structure. Part three explain the concept and the characteristic of the SMEs at first. The second, descript the present situation and introduce the reasons that lead the capital structure inconsequence in our SMEs. At last, in the basis of Pecking-Order theory, a new viewpoint of external equity financing should be superior to credit for SEMs is presented here and make the firm foundation for the further study.Part four is the positive research, through analyzing the influencing factors of capital structure for one group SMEs before and after they went public in a regression model, analyses the dramatic demand for external equity financing and...